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IWM tax-loss harvesting alternatives

iShares Russell 2000 ETF (BlackRock) tracks Russell 2000. If you hold IWM at a loss, these ETFs track a different index, which generally makes them less likely to be considered “substantially identical” — while still moving closely with IWM during the 31-day wait.

Held fund	Index tracked	Issuer	Expense ratio	AUM	Holdings	Category
IWM iShares Russell 2000 ETF	Russell 2000	BlackRock	0.19%	$77.08B	1989	US small cap

Sources: issuer fund page · public fund profile. Fund data as of 2026-10-16.

IWM wash sale alternatives (different index)

ETF	Index tracked	Issuer	Expense ratio	AUM	1-yr correlation	Holdings overlap	Notes
IWO iShares Russell 2000 Growth ETF	Russell 2000 Growth Benchmark	BlackRock	0.24%	$13.70B	0.973	55.1%	different index
VXF Vanguard Extended Market ETF	S&P Completion	Vanguard	0.05%	$30.34B	0.966	35.1%	different index
VB Vanguard Morningstar Small-Cap ETF	Morningstar US Small Cap TR USD	Vanguard	0.03%	$77.74B	0.961	25.3%	different index
SCHA Schwab U.S. Small-Cap ETF	Dow Jones US Total Stock Market Small-Cap	Charles Schwab	0.03%	$21.66B	0.953	n/a	different index
IWN iShares Russell 2000 Value ETF	Russell 2000 Value	BlackRock	0.24%	$13.73B	0.949	55.6%	different index
SPSM State Street SPDR Portfolio S&P 600 Small Cap ETF	S&P Small Cap 600	State Street	0.03%	$15.70B	0.933	48.3%	different index
IJR iShares Core S&P Small Cap ETF	S&P Small Cap 600	BlackRock	0.06%	$103.26B	0.932	48.2%	different index
SCHM Schwab U.S. Mid-Cap ETF	Dow Jones US Total Stock Market Mid-Cap	Charles Schwab	0.03%	$14.58B	0.923	n/a	different index

Sorted by 1-year correlation of daily total returns with IWM (through 2026-10-16). Holdings overlap = sum of the smaller weight of each common stock, from issuer holdings files; “n/a” where the issuer does not offer a free download or for bond/international/commodity funds. Hover a value for its as-of dates.

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Avoid as a replacement: same index as IWM

These track the same index (Russell 2000). Buying one of them within the window is the classic “substantially identical” risk.

ETF	Index tracked	Issuer	Expense ratio	AUM	1-yr correlation	Holdings overlap	Notes
VTWO Vanguard Russell 2000 ETF	Russell 2000	Vanguard	0.06%	$16.54B	0.998	95.4%	same index — avoid

Leveraged funds on the same index

Not suggested as swaps. They track Russell 2000 with daily leverage; some practitioners still consider them potentially substantially identical. (Inverse funds on the same index are omitted here.)

ETF	Index tracked	Issuer	Expense ratio	AUM	1-yr correlation	Holdings overlap	Notes
TNA3x leveraged Direxion Daily Small Cap Bull 3X ETF	Russell 2000	Direxion	1.05%	$1.30B	0.999	n/a	same index, different leverage — gray area
UWM2x leveraged ProShares Ultra Russell2000	Russell 2000	ProShares	0.95%	$218.53M	0.998	n/a	same index, different leverage — gray area

30-day wash-sale calendar for IWM

Sell (trade) date:

The window is 30 calendar days before and after the sale (61 days total, IRC §1091(a)). Buying the replacement fund right away is the point of a swap; the dates above are about buying back the fund you sold, or anything substantially identical to it.

Before you swap

Turn off dividend reinvestment for IWM in every account (including IRAs) for the window — a reinvested dividend is a purchase.
Check automatic investments, a spouse’s accounts, and any IWM bought in the 30 days before the sale.
Your broker generally only flags wash sales for the identical security in the same account. You are responsible for the rest.
Read how wash sales work and the FAQ, then confirm your plan with a tax professional.